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The group is also seeking approval for a success fee, which would be payable upon selling the building.

A unit-holder meeting to consider the proposed changes will be held on June 8.

Entrust said in earlier updates to unit holders that it was investigating means by which it could provide a “liquidity event" to unit holders by the end of June.

It has looked at options including selling the property, winding up the trust and returning investor capital, or even raising fresh equity to expand the trust and allowing those who want to exit to redeem.

It has also considered the option of merging with another property trust.

The trust has a $25.2 million debt facility with National Australia Bank which is due for repayment by the end of November 2012. It is drawn down to $23 million.

The facility covenant loan to value ratio is 60 per cent, with the current ratio about 48 per cent.

The property was independently valued at $47.9 million in June 2011 on a capitalisation rate to 7.75 per cent. Powercor has fully leased the building until 2018.

Entrust was installed by unit holders in mid-2009 as former manager Mariner Financial wound down its activities.

Under Entrust’s management the trust raised $9 million in new equity via a non-renounceable entitlement issue at 45¢ per unit.

The funds raised were used to repay the Suncorp debt facility and to ensure that a new debt facility with National Australia Bank went ahead.

Entrust may reap a higher sales price than indicated by the property valuation as office sales in Melbourne show signs of picking up.

Swiss pension fund AFIAA this week snapped up a boutique Melbourne office building, held by a Uniting Church entity, for about $55 million.

The big deal flow in the Melbourne CBD has slowed a little this year after some major transactions punctuated the close of last year.

But the 11,659 square metre building, which is fully leased to electricity distribution and retail business ­Powercor Australia, should be attractive to offshore investors targeting long leases.

The asset was offered to the market in the global financial crisis.

Mariner Financial came close to selling the asset for an estimated $50 million in 2008 but the deal did not go ahead.

The building last traded on the open market in 2003, when it was bought by investment bank Babcock & Brown for more than $30 million.

A year later the bank’s then ­partner, Bill Ireland’s Mariner Financial, launched a property syndicate to invest in the Melbourne office tower.